The Revised Criminal Statute on Insider Dealing (Repeal of Article 161 (3) SPC)

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Sunday, March 1, 2009
Benjamin Borsodi and Delphine Jobin
The revised criminal statute on insider dealing entered into force on 1 October 2008. This provision prohibits the exploitation of knowledge of confidential facts that could have an influence on the market price. Prior to the enactment of the revised statute, the notion of facts which could have an influence on the market price had been the object of restrictive interpretation limited to three situations, specifically mentioned in the law. i.e. (i) the imminent issuance of new participation rights, (ii) the merger of companies and (iii) any similar fact of comparable importance...[more]